Iran war upends IEA's oil market outlook as global supply and demand to contract in 2026

The International Energy Agency forecasts a global oil supply and demand fall due to the Iran war, citing the largest supply disruption in history. Demand growth is now predicted to drop by 80,000 bpd, with significant cuts in the Middle East and Asia-Pacific. Global output is expected to decrease by 1.5 million bpd this year.